A quiet start to the week for local data announcements as is the case always given most Australian economic data is delivered Tuesday through to Thursday. We do however see the latest mortgage growth numbers at 11.30am – which is not typically viewed as a high impact announcement – but certainly something I’ll be monitoring a lot closer over the coming months given all the intrigue and speculation about when the local property market may burst (if ever). Growth in mortgages which is tipped to come in at a very flat 0.1% is therefore a pretty strong indicator with regards to the frothiness in the property market and continued declines in the growth figures or even contraction could suggest a tipping point.
Over the weekend, commodities and the Aussie dollar fell again – with iron ore and copper prices taking a pounding while AUD/USD dipped a further 0.75%. Early tomorrow morning, Fed Chair Janet Yellen will speak at the University of Michigan and her words and phrases will be no doubt scrutinised by market participants for an insight into the likelihood of further rate hikes in the U.S over the coming months.
DATA RELEASES TODAY:
GBP – Manufacturing Production at 6.30pm
USD – Non-Farm Employment Figures and the Unemployment rate at 10.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7492
AUD/GBP – 0.5999
AUD/EUR – 0.7036
AUD/NZD – 1.0770
AUD/JPY – 83.311
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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